Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Enough - How much is that?
Old 03-31-2021, 08:56 AM   #1
Recycles dryer sheets
lem1955's Avatar
 
Join Date: Mar 2007
Posts: 223
Send a message via Yahoo to lem1955
Enough - How much is that?

When I was much younger, probably in my early thirties, I had a conversation that has stayed with me over time. My friend asked if I could imagine having "enough" money. And I said, absolutely, I could. She said she thought no one felt as though they had enough, that there was always more to be had, and once each milestone was achieved, the next goal would loom large. It occurs to me that this board is composed entirely of people who agreed with me. For each of us there has been a point where we said, I have enough money. We haven't stayed in touch, so I don't know if that old friend's opinion has changed. I hope so, for her sake.
__________________
Retired 12/16/2015 at 60.
lem1955 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-31-2021, 09:07 AM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Car-Guy's Avatar
 
Join Date: Aug 2013
Location: Citizen of Texas
Posts: 6,212
If you mean, how much is enough to retire, then it probably means something different to different people.... For me, it would be when I have enough NW that I don't have to work or depend on my investments to live in the lifestyle I want for the rest of my life. Assuming I won't live past 100, I'm there.
__________________
Authority is given, respect is earned.
Car-Guy is offline   Reply With Quote
Old 03-31-2021, 09:08 AM   #3
Thinks s/he gets paid by the post
street's Avatar
 
Join Date: Nov 2016
Posts: 4,783
Interesting topic.
For me, I have enough, anyway I think I do, but those voices talking to me say, keep piling it on.

For me I ended the game but I also could of kept playing the game to add more. I think that is a gene most of us have, to get to where we are today. A little greed and never having enough is a huge motivator for the one that has high financial goals.
Just my 2 .
street is offline   Reply With Quote
Old 03-31-2021, 09:36 AM   #4
Full time employment: Posting here.
 
Join Date: Feb 2016
Location: SoCal
Posts: 904
For me I knew I had enough when my investments were yielding more than my salary. Since I was only spending about half my salary, I stopped going to work.
Mr. Tightwad is offline   Reply With Quote
Old 03-31-2021, 09:45 AM   #5
Thinks s/he gets paid by the post
 
Join Date: Nov 2016
Location: Washington State
Posts: 1,788
We're not retired yet, but I feel like we have "enough". Would more be nice? Sure. But we have enough to pay all of our bills, buy pretty much anything we want, go out for dinner and movies, and vacation whenever we want to.

We live a fairly simple life. We own a small home, drive inexpensive used cars, don't buy a lot of expensive toys, and mostly take fairly cheap vacations. We usually spend less than $45K per year, but feel like we are rich. We have enough.
mountainsoft is offline   Reply With Quote
Old 03-31-2021, 09:48 AM   #6
Moderator
braumeister's Avatar
 
Join Date: Feb 2010
Location: Flyover country
Posts: 18,752
Having enough meant I could retire when I wanted to. All these years later, I still have enough.

A very long way from what I would call rich, but certainly there is enough. Isn't that what the FI part of FIRE is supposed to indicate?
__________________
I thought growing old would take longer.
braumeister is offline   Reply With Quote
Old 03-31-2021, 09:51 AM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2013
Posts: 5,149
This is a battle I have with my DW fairly regularly. Well...not a battle per se, just not much in agreement. We are 100% FI according to Firecalc and have more than enough money. Nonetheless, I can't convince her to stop w*rking...she has a fear of not having "enough" which is just like her parents. They have WAY MORE than enough, but still own multiple businesses and WILL NOT STOP. They are getting up there in the years and think they are immortal.

I have lost a lot of former co-workers to cancer in the last few years and it's eye opening. What I can say (and I think others would agree) is that I don't have ENOUGH time left in this life. Do I want to live forever? Well, probably not...but I also know that the time left is finite and unknown.

Not sure what my point is...except yes, I have enough money but probably not enough time.
__________________
Retired in 2014 at 40 Years Old
ExFlyBoy5 is offline   Reply With Quote
Old 03-31-2021, 09:58 AM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
OldShooter's Avatar
 
Join Date: Mar 2017
Location: City
Posts: 6,843
"Enough" is more about aspirations than money, IMO. We have enough, no question about it. But our aspirations do not include being competitive in Aspen society nor do they include owning a private jet.

Recounted by John Bogle: At a party given by a billionaire on Shelter Island, the late Kurt Vonnegut informs his pal, the author Joseph Heller, that their host, a hedge fund manager, had made more money in a single day than Heller had earned from his wildly popular novel "Catch 22" over its whole history. Heller responds, “Yes, but I have something he will never have . . . Enough.”
__________________
Ignoramus et ignorabimus
OldShooter is offline   Reply With Quote
Old 03-31-2021, 09:59 AM   #9
Thinks s/he gets paid by the post
 
Join Date: Apr 2015
Posts: 2,525
I have a nice roof over my head, food in my belly, clothes on my back, money to pay the bills. Yes, I have enough.
However, prices generally keep rising, so I have to keep my investments on track to "make more" for the future.
Luckily, I don't need to go to work to earn more money.
And, thanks to this forum, I have learned much on how to keep what I have, and make a little more.
__________________
You are no longer in a savings mode.
You are now in a slow spend down mode.
pacergal is offline   Reply With Quote
Old 03-31-2021, 10:11 AM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Car-Guy's Avatar
 
Join Date: Aug 2013
Location: Citizen of Texas
Posts: 6,212
Quote:
Originally Posted by ExFlyBoy5 View Post

Not sure what my point is...except yes, I have enough money but probably not enough time.
Maybe I really don't have enough money... If I did, I'd buy more time... But only if it were "quality" time... I don't need/want any of that just hanging around time.
__________________
Authority is given, respect is earned.
Car-Guy is offline   Reply With Quote
Old 03-31-2021, 10:16 AM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2013
Posts: 5,149
Quote:
Originally Posted by Car-Guy View Post
Maybe I really don't have enough money... If I did, I'd buy more time... But only if it were "quality" time... I don't need/want any of that just hanging around time.
That is a good point. I suppose you can buy more time with enough money (or time that someone else isn't directing) and I think I have done that. Not too many folks out there at my age can say they have the freedom that I do and I am thankful for that.
__________________
Retired in 2014 at 40 Years Old
ExFlyBoy5 is offline   Reply With Quote
Old 03-31-2021, 10:18 AM   #12
Full time employment: Posting here.
 
Join Date: Feb 2021
Posts: 516
Quote:
Originally Posted by Mr. Tightwad View Post
For me I knew I had enough when my investments were yielding more than my salary.
I've actually struggled with this exact point.


In 2019, I earned about 240K. Our portfolio, after all spending was accounted for, ended the year 300K higher than it started.


In 2020, I earned about 240K. Once again, our portfolio ended the year 300K higher than it started.


Each year, we added 100K of new money to the portfolio out of current income. But that still means the portfolio grew by about 200K each year on it's own - more than we spent either year.


My problem is that this all occurred during a tremendous bull market. There's no way I can reliably count on growth like that each year. Our portfolio could easily drop by 200K or more this year if the market goes south.


At what point do you decide you have enough of a cushion so that even in the bad years, you'll still be okay? I guess that's the age old question we all have to answer before retiring.
disneysteve is offline   Reply With Quote
Old 03-31-2021, 10:30 AM   #13
Full time employment: Posting here.
 
Join Date: May 2017
Posts: 720
Not having an income is psychological for some people. No matter how big their brokerage account, they can't imagine not having a pay check, so there is no definition of "enough". ER folks tend to think differently. We know what "enough" is for each of our own situations.
brokrken is offline   Reply With Quote
Old 03-31-2021, 10:46 AM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: NC
Posts: 16,992
Interesting topic, what I consider "enough" has evolved over time, but we spent much less than we could supposedly afford according to "the Joneses" during our careers and we continue to do so now that we're retired. Most people, even some/many here, would say we can afford to spend quite a bit more - and we have loosened up a little in the last few years.

As a related aside, I noted earlier today that our current net worth is more than the sum of our total combined lifetime wages - that's probably "enough." We've been fortunate...saving, investing and compound interest are remarkable things.
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 50% equity funds / 30% bond funds / 20% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is offline   Reply With Quote
Old 03-31-2021, 11:05 AM   #15
Moderator Emeritus
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 45,124
Yes, like most of us here I have enough, in the sense that I have enough to live the life that I want to lead. There is a point at which one wants to kick back and enjoy life as it is, instead of wasting time on shopping/buying/etc.


I'm sure that this idea will send Madison Avenue types plummeting into a bottomless pit of despair. But no, I don't crave more money and spending; I do not long for anything material that I do not already have, nor do I dream of more international travel or other expensive experiences that are not presently part of my lifestyle.

I'd rather spend my precious time watching the birds frolic down at the boat launch, instead of researching potential BTD purchases online.
W2R is offline   Reply With Quote
Old 03-31-2021, 11:37 AM   #16
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2013
Posts: 5,149
Quote:
Originally Posted by W2R View Post
Yes, like most of us here I have enough, in the sense that I have enough to live the life that I want to lead. There is a point at which one wants to kick back and enjoy life as it is, instead of wasting time on shopping/buying/etc.

I'm sure that this idea will send Madison Avenue types plummeting into a bottomless pit of despair. But no, I don't crave more money and spending; I do not long for anything material that I do not already have, nor do I dream of more international travel or other expensive experiences that are not presently part of my lifestyle.

I'd rather spend my precious time watching the birds frolic down at the boat launch, instead of researching potential BTD purchases online.
You said what I wanted to say, but much more eloquently! In the grand scheme of things we really have TOO MUCH but in the US, it's nothing too special. The simple things are what bring me the most happiness. I can spend hours watching the birds but loathe owning a pool.

In talking to one of the hospice nurses that cared for both my Mom and Dad about "death bed confessions" he said in that over the years and hundreds of patients he cared for, he couldn't recall anyone ever mentioning that they wished for more stuff and couldn't recall anyone saying that they wished they worked more, either.
__________________
Retired in 2014 at 40 Years Old
ExFlyBoy5 is offline   Reply With Quote
Old 03-31-2021, 12:51 PM   #17
Thinks s/he gets paid by the post
 
Join Date: Mar 2015
Location: the prairies
Posts: 3,537
I earned a modest income, lived below my means, and had a pension to look forward to. So "enough" for me was the day I was able to retire without a penalty. Staying longer would have made very little difference in both pension and potential savings.

Had I been earning $200k+ a year my perspective may have been different.
Music Lover is offline   Reply With Quote
Old 03-31-2021, 01:00 PM   #18
Recycles dryer sheets
 
Join Date: Nov 2004
Location: SF Bay Area
Posts: 161
Enough for me will be 100% on Firecalc of my desired spend which will be 150% of my necessary spend.
anothercog is offline   Reply With Quote
Old 03-31-2021, 01:00 PM   #19
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
JoeWras's Avatar
 
Join Date: Sep 2012
Posts: 7,320
Enough for us means:
- Our house, and its maintenance
- Living expenses, nothing too fancy, but a splurge dinner or such every now and then
- A modest vacation, with a big one every few years
- Room for significant charitable giving

No kids, so instead of that, it goes to charity.

Cars are replaced every 15 years or so. No desire for anything expensive.

But that's us. We have other friends who add the following, and this is OK if it is a thing for them.
- Beach house
- 5th wheel camper

Two friends really wanted the beach house. This cost them a few more years working. That's OK, their choice. My other friend went for the 5th wheel and then his DW got a serious heart issue, so it bonked him on the head and he stopped and ERd, just last week. He found himself suddenly thinking about the "next" thing beyond the 5th wheel and the health scare reeled him back from it.
__________________
Retired Class of 2018


JoeWras is offline   Reply With Quote
Old 03-31-2021, 01:23 PM   #20
Full time employment: Posting here.
 
Join Date: Mar 2011
Location: North TX
Posts: 750
Quote:
Originally Posted by disneysteve View Post
I've actually struggled with this exact point.


In 2019, I earned about 240K. Our portfolio, after all spending was accounted for, ended the year 300K higher than it started.


In 2020, I earned about 240K. Once again, our portfolio ended the year 300K higher than it started.


Each year, we added 100K of new money to the portfolio out of current income. But that still means the portfolio grew by about 200K each year on it's own - more than we spent either year.


My problem is that this all occurred during a tremendous bull market. There's no way I can reliably count on growth like that each year. Our portfolio could easily drop by 200K or more this year if the market goes south.


At what point do you decide you have enough of a cushion so that even in the bad years, you'll still be okay? I guess that's the age old question we all have to answer before retiring.
Almost identical situation here. Trying different wordings to get DW on board. Basically saying that "if we did not bring in anything, we would still grow our NW". Or, "we saved double our take-home and 401k savings". She'll listen one day...
Surewhitey is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
35 Years: Enough is Enough Dangerous Dave Hi, I am... 10 06-18-2019 12:55 PM
Enough to Retire, but not old enough to touch it.... armor99 Young Dreamers 51 05-19-2018 03:31 PM
Hi - 52 and have had Enough! Do I have enough? enough Hi, I am... 28 02-06-2014 11:46 PM
Cruising World - How much is enough? FlowGirl Life after FIRE 20 08-10-2005 06:44 PM
How much is enough bobbee25 FIRE and Money 54 07-09-2004 03:51 PM

» Quick Links

 
All times are GMT -6. The time now is 04:11 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.